Bailey, 75, has served as a governor representing the cinematographers branch of the Academy for 14 years.
He takes over for Cheryl Boone Isaacs, a film marketing and public relations executive who served the maximum of four years as Academy president and was the first African American to hold the title.
The Academy announced in June it had asked 774 artists to join its ranks this year, noting there has been an increase of 359 percent in the number of women invited to be members between 2015 and 2017.
During the same time period, there has also been an increase of 331 percent in the number of people of color invited. The academy is actively trying to be more inclusive since it was criticized for having no people of color among its acting nominees at the 2015 and 2016 Oscars.
Jimmy Kimmel is set to host the 90th edition of the gala on March 4.
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